MLC A2.5.2 financial-security regime (2017-2024 review)
2017-2024 · global · status: regime summary
- Opened
- 2017-01-18
- Closed
- 2024-12-31
- Port
- global
- Shipowner
- multiple
- Insurer named on DMLC
- IG P&I Clubs + specialist sureties
- Seafarers affected
- aggregate
- Nationalities
- MULTI
Summary
The MLC Standard A2.5.2 financial-security regime came into force on 18 January 2017 following the 2014 amendments. Under the regime, every MLC-compliant flag must require the shipowner to hold financial security — typically a P&I certificate — specifically covering four months of unpaid wages plus repatriation costs. The insurer named on DMLC Part II is a first-response contact for any abandonment case. IG P&I Club coverage typically pays out within 30-60 days once the flag state issues a formal abandonment declaration. Concentration of abandonment cases on smaller open registries (Palau, Comoros, Tanzania, Togo) reflects an enforcement gap: DMLC certificates are issued, but insurer contact verification and periodic re-audit lag versus RMI, LBR, and MHL practice. This entry summarises the regime for context on individual cases indexed here.
Outcome for crew
regime overview — not a specific case.
Source
Resolution / documentation via: IMO/ILO Joint Database + IG P&I
https://www.imo.org/en/OurWork/HumanElement/Pages/AbandonmentOfSeafarers.aspx
Related rights + resources
- · Abandonment rights (MLC A2.5.2) — the regulatory framework this case is governed by
- · Unpaid wages
- · MLC 2006 financial-security providers directory
- · International Group P&I Clubs